Introduction
Further, people are more eager than ever to seek opportunities to earn more, get richer and protect their interest in the financial sphere. One of the best and straightforward ways one can implement this is through putting some of the money in high-yield savings accounts. These accounts can really put a big improvement into your savings and help you get to your financial targets faster than before. Unlike the checking accounts, high interest savings account offers better returns and thus in this article, we’ll review 5 of them.
1. Tangerine Savings Account
Tangerine Savings Account is one of the best high-interest saving account that boasts with some of the best interest rates on the market. In this account, you are charged an interest of 0.10% – 0.25% on all the amount that you deposit depending on the amount that you deposit in your account. Tangerine Savings Account does not require account holders to maintain any minimum balance, in contrast to most traditional banks, it also has no monthly fees or any foreign transaction fees hence making it easy for Canadians to save.
The huge advantage of this account is the convenience of online management of your savings or directly through the Tangerine application. This encompasses the option to regularly transfer money from the chequing account, an option to set up of savings goals and an option to track a progress.
2. EQ Bank Savings Plus Account
The EQ Bank Savings Plus Account is another high-interest savings account that all Canadians should have in their mind when going for the best one. This account bears attractive interest rate of 0.50% on all investments which are way higher than what is offered by physical banks. There are no monthly fees and minimum balance, or foreign transaction fees for the Savings Plus Account, which makes managing of the savings easier.
Another exciting aspect of EQ Bank is that you can deposit cheques without physically bringing the cheque to the bank – simply use your smartphone camera. You can scan the front and/or back of a cheque, upload the image via the app and the money should be credited to your account within 1-2 business days. This all removes the temptation to travel to the bank, or having to wait for physical cheques to clear.
3. High interest savings account offered by Motive Financial
Motive Financial High-Interest Savings Account comes with one of the highest Canadian interest rates – which range from 0.60%. Compared to so many other offers on the market this account has no minimum balance, monthly maintenance, or foreign transaction fees so it is very convenient to save money.
Besides the low-interest rate charges, Motive Financial provides another interesting feature which is known as Round Up Savings. For this feature you can automate transfers between your chequing and saving accounts, rounding up purchases to the nearest dollar amount and putting the extra into savings.
4. Global Savings Account of EQ Bank
However, for the people who are always on the move either for work or other purposes or those people who make international transactions, the EQ Bank Global Savings Account is suitable for them. It currently provides a fairly good interest of 0.50% on this account and no charges on foreign transactions and currency mark-ups. This means that you can earn good returns on your savings with high interest rates while at the same time minimizing on your cost of operations while traveling ,doing business abroad or indeed operating in the global market.
The Global savings account also enables the user to make and receive payments in a number of different currencies such as USD, GBP or even EUR. This makes it easy to operate when you are on the move or when undertaking cross border transactions.
5. BMO Smart Saver Savings Account is one of the best savings account in the market for the year 2020.
BMO Smart Saver Savings Account is another option which is special savings bank account and gives interest rate of 0.10% on all amount deposited. This may not be the highest interest rate in the market but there are a number of characteristics that make BMO Smart Saver ideal for Canadians.
I personal like the fact that with this account you are easily able to trigger some extra interest. BMO Smart Saver gives an additional 0.50% bonus interest if you make at least 3 Pre-authorized transfers from a chequing account to the savings account per month. This is attainable by reaching a total interest rate of 0.60% that ranks the high interest savings accounts among the best.
Besides the extra interest, BMO Smart Saver comes with an extra feature known as Round Up to Savings. The rounding feature allows you for example to transfer money from the Chequing account to the saving one, and round up the amount to the nearest dollar and save the change.
Conclusion
Lastly, getting the most of your money can be quite easy and does not have to involve complexities because one can easily open high interest bearing savings accounts. The five accounts highlighted in this article include Tangerine Savings Account, EQ Bank Savings Plus Account, Motive Financial High Interest Savings Account, EQ Bank Global Savings Account and BMO Smart Saver Savings account because they have the best interest rates, various features and flexibility in the market. According to one of these accounts and practicing a specific amount of savings plan, it is very easy to become a millionaire and fix your financial status.
